Port finances Clinic project

The Cleveland-Cuyahoga County Port Authority has approved the issuance of up to $50 million in tax-exempt, variable-rate revenue bonds to finance the construction of the Cleveland Clinic's Genetic and Stem Cell Research Center.
The six-story, 150,000-square-foot research center will be built at the corner of East 96th Street and Cedar Avenue. The center will house genetic research laboratories and administrative offices, and scientists there will focus on adult stem cell and related research.
The project marks the second major financing agreement this year between the Clinic and the Port's Development Financing Group. In August, the Port secured $48 million in financing for the Clinic's new, 137,000-square-foot office building and 1,340-car garage at Euclid Avenue and East 93rd Street.